Value and Exchange

Precisely because value is subjective, voluntary trades are win-win situations. At the same time, market prices are objective measures of wealth, and these allow for rational economic calculation.

It was the physiocrats who broke with centuries of sound economic reasoning and contributed to what would become, in the hands of Smith and Ricardo

Crystal meth is a horrible drug, but it is also a cheap date, the poor man’s cocaine.

Past expenses incurred during the production of a good are completely irrelevant to the determination of the current price of a good. The market price of a good is determined solely by the relative valuations of goods and money by the buyers and sellers of the good.

Charles, the third Viscount Townshend (1700–1764), has been shamefully neglected by virtually all historians of economic thought.

Recorded at the Mises Circle at Furman Universityon November 13th, 2010.

John Locke, the Protestant Scholastic, was essentially in the hard-money, metallist, anti-inflationist tradition of the Scholastics; his opponents,

If we were to award a prize for “brilliancy” in the history of economic thought, it would surely go to Anne Robert Jacques Turgot, the

Jeffrey Tucker interviews Stephan Kinsella, instructor of the Mises Academy’s forthcoming course, “Rethinking Intellectual Property: Hi

Thomas Mun set forth what would become the standard mercantilist line.